At provisional closing data, the barometer index, the S&P BSE Sensex, was down 900.91 points or 1.41% to 63,148.15. The Nifty 50 index declined 264.90 points or 1.39% to 18,857.25

The benchmarks indices tumbled for sixth consecutive session, the Sensex slipped 4.94% and the Nifty dropped 4.82%.

In the broader market, the S&P BSE Mid-Cap index fell 1.06% while the S&P BSE Small-Cap index lost 0.32%.

Sellers outnumbered buyers. On the BSE, 1,439 shares rose and 2,221 shares fell. A total of 140 shares were unchanged.

The market sell-off has been triggered by the US 10-year bond yield nearing the 5 percent mark, which pulled down the risk levels materially in the region. Geopolitical tensions emanating from West Asia dragged the market lower. The expiry of monthly F&O contracts on the NSE today further added to the volatility.

IPO Listing:

Shares of IRM Energy were currently trading at Rs 470.30 on the BSE, representing a discount of 6.87% as compared with the issue price of Rs 505. The scrip was listed at Rs 479, exhibiting a discount of 5.15% to the issue price.

So far, the stock has hit a high of 483 and a low of 450.05. On the BSE, over 3.69 lakh shares of the company were traded in the counter so far.

The initial public offer (IPO) of IRM Energy received bids for 20,62,70,910 shares as against 76,24,800 shares on offer, according to stock exchange. The issue was subscribed 27.05 times.

The issue opened for bidding on 18 October 2023and closed on 20 October 2023. The price band of the IPO was fixed at Rs 480-505 per share.

IPO Update:

The initial public offer (IPO) of Blue Jet Healthcare received bids for 2,04,98,573 shares as against 1,69,99,612 shares on offer, according to stock exchange data at 15:54 IST on Thursday (26 October 2023). The issue was subscribed 1.21 times.

The issue opened for bidding on Wednesday (25 October 2023) and it will close on Friday (27 October 2023). The price band of the IPO is fixed at Rs 329-346 per share. An investor can bid for a minimum of 43 equity shares and in multiples thereof.

Stocks in Spotlight:

Axis Bank advanced 1.73%. The private lender's net profit rose 10.02% to Rs 5,863.56 crore on 31.4% jump in total income to Rs 31,660.26 crore in Q2 FY24 over Q2 FY23. Net interest income (NII) grew 19% YoY to Rs 12,315 crore as against Rs 10,360 crore posted in Q2 FY23 . Net interest margin (NIM) for Q2 FY24 stood at 4.11%, up 15 basis points (bps) YoY.

ACC rose 0.35%. The company reported a consolidated net profit of Rs 387.88 crore in Q2 FY24 as compared with a net loss of Rs 87.32 crore in Q2 FY23. Revenue from operations increased 11.22% year on year (YoY) to Rs 4,434.73 crore in the quarter ended 30 September 2023.

Tech Mahindra fell 2.26% after the IT major's consolidated net profit slipped 28.68% to Rs 493.9 crore in Q2 FY24 as against Rs 692.5 crore posted in Q1 FY24. Revenue from operations declined 2.24% quarter on quarter (QoQ) to Rs 12,863.9 crore in the quarter ended 30 September 2023.

Asian Paints declined 3.44%. The paint major's consolidated net profit jumped 54.01% to Rs 1,205.42 crore in Q2 FY24 as against Rs 782.71 crore recorded in Q2 FY23. Net sales rose marginally to Rs 8,451.93 crore in Q2 FY24 from Rs 8,430.60 crore reported in the same period a year ago.

Indus Towers shed 2.12%. The company reported 49% rise in consolidated net profit to Rs 1295 crore 10% fall in revenue to Rs 7133 crore in Q2 FY24 over in Q2 FY23.

Jubilant FoodWorks slumped 4.32%. The company reported 26.1% fall in consolidated net profit to Rs 97.2 crore 4.9% rise in total income to Rs 1375.7 crore in Q2 FY24 over in Q2 FY23.

Sonata Software rallied 9.83% after the company's consolidated net profit jumped 3.37% to Rs 124.12 crore in Q2 FY24 as compared with Rs 120.12 crore in Q1 FY24. Revenue from operations declined 5.11% to Rs 1,912.57 crore in Q2 FY24 as compared with Rs 2,015.53 crore in Q1 FY24.

Indian Bank fell 1.98%. The bank reported 62% rise in net profit to Rs 1,987.76 crore in Q2 FY24 from Rs 1,225.22 crore in Q2 FY23. Total income increased by 26% year-over-year to Rs 15,736.23 crore in the second quarter.

Global Markets:

Markets in Europe declined while Asian stocks traded mostly lower on Thursday as U.S. shares slumped following a batch of poor corporate earnings.

US stocks dropped on Wednesday as Alphabet shares slid after the Google parent posted disappointing earnings and as US Treasury yields rose, reviving fears that interest rates could stay higher for longer. Traders also kept an eye on the latest comments by US President Joe Biden after he had asked Israel to delay its invasion so that more hostages held by Hamas could be freed.

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